MIRA INFORM REPORT
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Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
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Name : |
Hangzhou Group Chemical Co., Limited |
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Registered Office : |
Room 518,
No. 29 Pingfeng Street,
Xiacheng District Hangzhou, Zhejiang Province 310003 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
19.04.2010 |
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Com. Reg. No.: |
330103000092339 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Wholesaling and retailing chemical materials & products, meters
& instruments, groceries, garment, arts & crafts, and hardware;
importing and exporting commodities and technology. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has
moved from a closed, centrally planned system to a more market-oriented one
that plays a major global role - in 2010 China became the world's largest
exporter. Reforms began with the phasing out of collectivized agriculture, and
expanded to include the gradual liberalization of prices, fiscal
decentralization, increased autonomy for state enterprises, growth of the
private sector, development of stock markets and a modern banking system, and
opening to foreign trade and investment. China has implemented reforms in a
gradualist fashion. In recent years, China has renewed its support for
state-owned enterprises in sectors considered important to "economic
security," explicitly looking to foster globally competitive industries.
After keeping its currency tightly linked to the US dollar for years, in July
2005 China moved to an exchange rate system that references a basket of
currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi
against the US dollar was more than 20%, but the exchange rate remained
virtually pegged to the dollar from the onset of the global financial crisis
until June 2010, when Beijing allowed resumption of a gradual appreciation and
expanded the daily trading band within which the RMB is permitted to fluctuate.
The restructuring of the economy and resulting efficiency gains have
contributed to a more than tenfold increase in GDP since 1978. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, China
in 2013 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and
industrial output each exceed those of the US; China is second to the US in the
value of services it produces. Still, per capita income is below the world
average. The Chinese government faces numerous economic challenges, including:
(a) reducing its high domestic savings rate and correspondingly low domestic
consumption; (b) facilitating higher-wage job opportunities for the aspiring
middle class, including rural migrants and increasing numbers of college
graduates; (c) reducing corruption and other economic crimes; and (d)
containing environmental damage and social strife related to the economy's
rapid transformation. Economic development has progressed further in coastal
provinces than in the interior, and by 2011 more than 250 million migrant
workers and their dependents had relocated to urban areas to find work. One
consequence of population control policy is that China is now one of the most rapidly
aging countries in the world. Deterioration in the environment - notably air
pollution, soil erosion, and the steady fall of the water table, especially in
the North - is another long-term problem. China continues to lose arable land
because of erosion and economic development. The Chinese government is seeking
to add energy production capacity from sources other than coal and oil,
focusing on nuclear and alternative energy development. Several factors are
converging to slow China's growth, including debt overhang from its
credit-fueled stimulus program, industrial overcapacity, inefficient allocation
of capital by state-owned banks, and the slow recovery of China's trading
partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated
at the Communist Party's "Third Plenum" meeting in November 2013,
emphasizes continued economic reforms and the need to increase domestic
consumption in order to make the economy less dependent in the future on fixed
investments, exports, and heavy industry. However, China has made only marginal
progress toward these rebalancing goals. The new government of President XI
Jinping has signaled a greater willingness to undertake reforms that focus on
China's long-term economic health, including giving the market a more decisive
role in allocating resources.
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Source
: CIA |
Company
Name and address
Hangzhou Group Chemical Co., Limited
(also known as: hangzhou FOCUS chemical CO., lTD.)
room 518, no. 29 pingfeng street, xiacheng district
hangzhou, zhejiang province 310003 PR CHINA
TEL: 86 (0) 571-85661283/88223531
FAX: 86 (0) 571-88223532
***Note:
According to the given attachment, we locate SC.
EXECUTIVE
SUMMARY
Date of
Registration : april
19, 2010
REGISTRATION NO. : 330103000092339
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL : cny 500,000
staff : 3
BUSINESS CATEGORY : trading
Revenue : CNY 1,491,000 (AS OF DEC. 31, 2013)
EQUITIES : CNY 219,000 (AS OF DEC. 31, 2013)
WEBSITE : www.focuschemist.com; www.gplantchem.com
E-MAIL : kinko@focuschemist.com;
info@gplantchem.com
PAYMENT : AVERAGE
MARKET CONDITION : fair
FINANCIAL CONDITION
: POOR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION : fair
EXCHANGE RATE : CNY 6.15 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL REPUTATION
This section aims at indicating the relative
positions of SC in respect of its operational trend & general reputation
Operational Trend:- General Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established
as a limited liabilities company of PRC with State Administration of Industry
& Commerce (SAIC) under registration No.: 330103000092339 on April 19, 2010.
SC’s Organization Code Certificate No.:
55268149-X
SC’s Tax No.:
33010055268149X
SC’s registered
capital: cny 500,000
SC’s paid-in
capital was cny 500,000
Registration
Change Record:-
No significant changes
of SC have been noted in SAIC since its incorporation.
Current Co search
indicates SC’s shareholders & chief executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Jin Weijuan |
60 |
|
Jin Genfu |
40 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative, Chairman, and General Manager |
Jin Genfu |
|
Supervisor |
Jin Weijuan |
RECENT
DEVELOPMENT
No recent development was found during our
checks at present.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
Jin Weijuan 60
Jin Genfu 40
MANAGEMENT
Jin
Genfu, Legal
Representative, Chairman and General Manager
-------------------------------------------------------------------------------------------------
Ø Gender: M
Ø English name: Kinko
Jin
Ø ID#
330719197702085579
Ø Age: 37
Ø Qualification:
University
Ø Mobile Phone No.:
13588755222
Ø Working experience
(s):
From 2010 to present, working in SC as
legal representative, chairman and general manager
Jin
Weijuan, Supervisor
--------------------------------------------
Ø Gender: F
Ø Qualification:
University
BUSINESS
OPERATION
SC’s
registered business scope includes wholesaling and retailing chemical materials &
products, meters & instruments, groceries, garment, arts & crafts, and
hardware; importing and exporting commodities and technology.
SC is mainly
engaged in exporting chemical materials & products.
SC’s products mainly include:
Formic Aicd
Sodium Formate
Calcium Formate
Potassium Formate
Phosphoric Acid
Trisodium Phosphate
Sodium Tripolyphosphate
Potassium monopersulfate
Pentaerythritol
Di-Pentaerythritol
Linear alkyl benzene sulfonic acid
Sodium Lauryl Ether Sulfate
Dodecyl dimethyl betaine
Cocamidopropyl betaine
CMEA
Coco fatty diethanol amide
SC sources its
products 100% from domestic market, mainly Zhejiang. SC sells 100% of its
products to overseas market, mainly U.S.A., Europe, South America, Southeast
Asia, etc.
The buying terms of SC include T/T and Credit of 30-60 days. The payment
terms of SC include L/C and Credit of 30-60 days.
Staff &
Office:
--------------------------
SC is known to have approx. 3
staff at present.
SC rents an area as its operating office of approx. 80 sq. meters at the
heading address.
RELATED
COMPANY
SC is not known to have any
subsidiary at present.
PAYMENT
Overall payment
appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal serves as a reference to
reveal SC's payments habits and ability to pay.
It is based on the 3 weighed factors: Trade payment experience (through
current enquiry with SC's suppliers), our delinquent payment and our debt
collection record concerning SC.
Trade payment
experience: SC did not provide any name of trade/service suppliers and we have no
other sources to conduct the enquiry at present.
Delinquent payment
record: None in our database.
Debt collection
record: No overdue amount owed by SC was placed to us for
collection within the last 6 years.
BANKING
Basic Bank:
Bank of China Zhongda Sub-branch
AC#: 800141009508093001
FINANCIALS
Financial Summary
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Unit: CNY’000 |
As of Dec. 31, 2013 |
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Total assets |
332 |
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Total liabilities |
113 |
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Equities |
219 |
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Revenue |
1,491 |
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Profit before tax |
-42 |
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Less: profit tax |
0 |
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Profits |
-42 |
Important
Ratios
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As of Dec. 31, 2013 |
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*Liabilities
to assets |
0.34 |
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*Net profit
margin (%) |
-2.82 |
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*Return on
total assets (%) |
-12.65 |
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*Revenue /
Total assets |
4.49 |
FINANCIAL
COMMENTS
PROFITABILITY:
POOR
l The revenue of SC
appears fair in its line.
l SC’s net profit
margin is fair.
l SC’s return on
total assets is poor.
LIQUIDITY:
AVERAGE
l SC’s revenue is in
an average level, comparing with the size of its total assets.
LEVERAGE:
FAIR
l The debt ratio of
SC is low.
l The risk for SC to
go bankrupt is fairly high.
Overall
financial condition of the SC: Poor.
CONCLUSIONS
SC is considered small-sized in its line
with poor financial conditions and short history.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
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|
1 |
Rs.97.02 |
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Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.